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China's economy still able to achieve this year's growth target: research paper

Tuesday, September 22, 2015 - 17:10
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China will cut administration fees worth up to 4 billion yuan (US$626.78 million) across a dozen sectors including real estate and intellectual property, the country's top planning agency said on Thursday.

[BEIJING] Pockets of strength in China's economy should help it achieve Beijing's annual growth target for this year, a research paper issued by the country's top economic planner said on Tuesday.

Despite increasing pressure on the economy, modest rises in consumer prices and employment are expected during the remainder of 2015, according to the paper posted on the National Development and Reform Commission's (NDRC) website.

Those conditions would allow China's economy to expand at around 7 per cent for the year, it said.

A string of weak economic indicators has raised doubts in recent months on whether the government can achieve its 2015 growth target, which would be the weakest annual rate in a quarter of a century.

The paper said the services sector is expected to sustain its brisk growth rate, while the property sector is also set to maintain its uptrend.

These positive growth impulses should negate faltering activity in China's vast manufacturing sector as well the drag on the financial services industry stemming from the recent stock market crash.

The paper said domestic consumption would remain the main pillar of support for the economy which is facing pressure from faltering exports due to tepid external demand.

REUTERS